Coldplay To Chicken Biryani — Zomato Is CLSA's Top Pick As Millennials, Gen Z Change Consumption Trends
From Coldplay to Diljit Dosanjh, concert splurges alone pumped in over Rs 350 crore to Rs 400 crore in about a month—almost 40% of what some QSRs make in a quarter, CLSA said.
Urban Indians are skipping traditional retail and FMCG buys and going all in on experiences, travel, and food delivery, indicating that consumption patterns have changed, as per CLSA's latest report.
Many Indians were left disappointed on Sunday, as over a 1 lakh people had queued up for tickets of the much awaited Coldplay concert in January 2025, the report noted. Tickets for the two shows sold out within minutes of opening, with the British band announcing a third show to meet the demand. Coldplay's tickets are already being sold on the black market for five times the original price.
Not to be left out, Diljit Dosanjh pulled off a blockbuster himself, selling over 2.5 lakh tickets at an average price of $90. Concerts of Dua Lipa and Bryan Adams also sold out rapidly.
These concert splurges alone pumped in over Rs 350 crore to Rs 400 crore in about a month—almost 40% of what some listed quick-service restaurants make in a quarter, CLSA said. The report indicates that millennials and Gen Z are choosing new avenues to spend—on experiences, fast fashion, cosmetics, and premium gadgets, rather than burgers and fizzy drinks.
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But even as QSRs are struggling, Zomato Ltd. and Swiggy Ltd. continue to see growth, CLSA said, naming the former as its top pick.
Zomato's food delivery business has grown over 25% for several quarter-on-quarter, compared to the single-digit growth of QSRs. Having acquired Paytm's ticketing business, it's uniquely positioned to cash in on everything —from restaurant bookings to concert tickets—combining food delivery, entertainment, and experiences into one app.
CLSA maintained 'outperform' on the stock, with a target price of Rs 353 per share, as compared to the earlier Rs 290.5 apiece, implying a potential upside of 21.5%.
MakeMyTrip and Nykaa are thriving, too, according to CLSA. Beauty GMV on Nykaa rose 28%, airline tickets on MMYT grew 29%, and Trent's fashion segment saw a 22% growth in the first quarter of fiscal 2025.
